Preparing Multiple-Step Income Statement The following information is from Atlanta Corp. for the 12 months ended December 31, 2020. Prepare a multiple-step income statement (excluding the earnings per share disclosures) assuming a tax rate of 25%. Report income tax expense in its own separate section. Account 2020 Sales revenue $1,200,000 Cost of goods sold 750,000 Selling and administrative expenses 225,000 Interest expense 7,500 Gain on sale of short-term investments 13,200 Do not use negative signs with any of your answers. Atlanta Corp. Income Statement For the Year Ended December 31, 2020 Sales revenue Cost of goods sold Gross profit * $ 1,200,000 = 750,000 = 1,950,000 Operating expenses Selling and administrative expenses = 225,000 Operating Income 0 Other revenues and gains Gain on sale of short-term investments 0 Other expenses and losses 0 0 0 = $ 0